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calculatedrisk.blogspot.com - 10/29/2008

Fed Funds Rate Cut 50 bps to 1.0%

— calculatedrisk.blogspot.com — FOMC statement: The Federal Open Market Committee decided today to lower its target for the federal funds... rate 50 basis points to 1 percent. The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures. Business equipment spending and ... (more) Fed Funds Rate Cut 50 bps to 1.0%

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Fed Funds Rate Cut 50 bps to 1.0%
Calculated Risk — FOMC statement : The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent. The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures. Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many foreign economies is damping the prospects for U.S. exports. Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further ...

The 1% Doctrine
THE CUNNING REALIST — With a record like this, was anyone surprised by the Fed's move today? Contrary to popular perception, Bernanke isn't some amiable rube who came to Washington and stepped in someone else's mess. The system of monetary policy and regulation that failed so epically is one he's had an important role in shaping for decades. So why is he still allowed to run the Fed? And when will Congress close the loophole that one day will allow him to collect huge paychecks from the same Wall Street firms whose profits and survival depend on decisions he's making ...

Exports Will Not Save the Day This Time
Blah3 Feed — ... Well, well, lo and behold, what does the Fed tell us today in their statement accompanying another 50 basis point cut (emph. mine): ...